Digital yuan trials fully underway as 20,000 residents in China take part in recent test

Quick take

1 minute read

• Around 20,000 transactions have been conducted in China as a part of the nation's trial of a digital yuan.

• According to a local report, it was noted that participants born between the 80s and 90s utilised this platform in order to conduct transactions in the cryptocurrency starting on Friday evening.

Around 20,000 transactions have been conducted recently in China through the online commerce company JD.com as a part of the nation's trial of a digital yuan central-bank digital currency.

According to a local news report, it was noted that 80% of participants born between the 80s and 90s utilised this platform in order to conduct transactions in the cryptocurrency starting on Friday evening. This was with at least one transaction larger than $1500.

This trial took place in the Suzhou province of China and is one of the first to be conducted across the country in order to test the central Bank digital currency.

The managing director at the digital Renaissance foundation, Cao Yin has said:

"In 2021, China will continue to look for more scenarios to test the digital yuan, but an extensive launch is still unlikely."

He also went on to say that the government in China would more than likely start to continue these controlled trials until officials are 100% certain that the digital yuan can be used and issued safely.

“We have only ourselves to compete with on this matter, and there's no need to rush it.”

It is unsurprising that China is the first country in the world to start thoroughly looking into central-bank digital currency trials. Since they started, the central bank has announced that it will expand the number of testing cities to include Beijing and Tianjin as well as other areas of the nation.

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